The Eastern Caribbean Central Bank (ECCB) has published its 2021-2022 Annual Report and Statement of Accounts for the financial year ended 31 March 2022.
The Report, which was published on 30 June, reveals that the Bank recorded a net loss of $49.1 million for the year ended 31 March 2022 compared to a net profit of $25.2 million in the previous financial year.
The net loss for the year was largely driven by losses on foreign investment securities combined with a decline in interest income earned on foreign reserve assets, as interest rates globally remained at historically low levels over the year.
The Governor of the ECCB, Timothy N. J. Antoine said, “the current state of the global economic and geopolitical environment can be characterised as unprecedented and complex and the economies of the Eastern Caribbean Currency Union (ECCU), like the rest of the world, felt the weight of this difficult environment during the 2021/2022 financial year”.
He said, despite the weak global financial environment which resulted in the ECCB’s first
loss-making year in six years, the Bank continues to manage the reserves prudently thereby maintaining the strength and stability of the EC dollar.
Governor Antoine says that the 2022/2023 financial year opened with even more challenges than the previous year did and this reality will shape the Bank’s direction for the new year.
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This is financially unflattering news. Let’s trust that the potential rebounding of LIAT with various intended foreign direct investments across the Caribbean will be of great benefit to the trajectory of the ECCU’s immediate future.
@Dave Ray…
A percentage, of that FDI would come from Antiguans & Barbudans who reside in the diaspora.
However, due to the toxic nature(check_U_minister to party affiliation), of doing business in Antigua, Barbuda and REDONDA(who owns REDONDA) for many in the diaspora, the Nation keep losing out on well needed injection, of funds.
I can recall contacting you in 2015 when you were supposedly in charge of the Company in America which would have streamlined the process for Nationals in the diaspora who wished to invest in Antigua & Barbuda. The communications left much to be desired.
BTW…the name is Vere Edwards.
U nebbah mis de watah, till de well run dry!
Western sanctions on russia has back fired. It is affecting us also.
Da #ROARING_20’s
…#parallels⁉️
…#puffs⁉️
…#bluffs⁉️
Compare the history of 1900 – 1950 to 2000 – present, and the picture of world present by the puzzle is not only already clear, the #Pieces are the same, just different colors…
Elegba a wah u haffu say?
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